Lutz, Fla.—Rising constructions costs and a lack of high-quality garden-style apartment product had investors battling it out in the Tampa submarket of Lutz, Fla. Starlight Investments ultimately made an offer that Altman Development could not refuse, and walked away with Altis at Grand Cypress, a 304-unit ultra-luxury community. The $47.3 million sales price equated to $155,526 per unit. ARA Newmark represented Altman Development in the sale. This was Toronto-based Starlight’s first buy in Florida.

“There was a tremendous level of investor interest in the property because it truly is a best-in-class asset with top of the market finishes,” said Patrick Dufour, executive managing director at ARA Newmark. “Starlight offered very aggressive terms, including a shortened closing period, and the seller was able to retain management of the property.”

The property was built in two phases with 258 units completed in 2013 and another 46 in 2014. Each unit features a private, direct ground floor entrance. Amenities include a 5,500-square-foot private clubhouse, a heated pool with beach entry, an outdoor sports bar, 24-hour fitness center, a business center, billiards table, media room, internet café, child’s study room and a playground.

Rents in the Tampa area are still on the upswing. Yardi Matrix data shows that average market rents have increased 15.6 percent from 2012 to 2015.

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